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Policy Note No. 6Time to Bail Out: Alternatives to the Bush-Paulson Plan
November 11, 2008 While serving as chairman of the Federal Reserve Board, Alan Greenspan advocated unsupervised securitization, subprime lending, option ARMs, credit-default swaps, and all manner of financial alchemy in the belief that...more Publication -
Working Paper No. 548On Democratizing Financial Turmoil
November 10, 2008 The paper uses Minsky’s financial instability hypothesis as an analytical framework for understanding the subprime mortgage crisis and for introducing adequate reforms to restore economic stability. We argue that the...more Publication -
Policy Note No. 5
Will the Paulson Bailout Produce the Basis for Another Minsky Moment?
October 24, 2008 As the House Committee on Financial Services meets to hear the expert testimony of witnesses concerning the regulation of the financial system, the measures that have been introduced to support...more Publication -
Working Paper No. 547
Minsky and Economic Policy
October 23, 2008 Recently, national newspapers all over the world have suggested that we should reread John Maynard Keynes, and that Hyman P. Minsky provides a valuable framework for understanding the world in...more Publication -
Working Paper No. 546
Do the Innovations in a Monetary VAR Have Finite Variances?
October 20, 2008 Since Christopher Sims’s “Macroeconomics and Reality” (1980), macroeconomists have used structural VARs, or vector autoregressions, for policy analysis. Constructing the impulse-response functions and variance decompositions that are central to this...more Publication -
Policy Note No. 4
A Simple Proposal to Resolve the Disruption of Counterparty Risk in Short-Term Credit Markets
October 08, 2008 The impaired risk assessment caused by the collapse of mortgage-backed securities is the major problem threatening the stability of the American financial system, yet it is not clear that removing...more Publication -
Public Policy Brief No. 96The Commodities Market Bubble
October 08, 2008 Money manager capitalism—characterized by highly leveraged funds seeking maximum returns in an environment that systematically underprices risk—has resulted in a series of boom-and-bust cycles in equities, real estate, and commodities....more Publication -
Working Paper No. 545
Promoting Equality Through an Employment of Last Resort Policy
October 07, 2008 Unemployment has far-reaching effects, all leading to an inequitable distribution of well-being. To put an economy on an equitable growth path, economic development must be based on social efficiency, equity—and...more Publication -
Working Paper No. 544
Inflation Targeting in Brazil
September 29, 2008 The monetary policy regime of inflation targeting (IT) has been adopted by a significant number of emerging economies. While the focus of this paper is on Brazil, which began inflation...more Publication -
Working Paper No. 543
Macroeconomics Meets Hyman P. Minsky
September 01, 2008 Expanding on an approach developed by financial economist Hyman Minsky, the authors present an alternative to the standard “efficient markets hypothesis”—the relevance of which Minsky vehemently denied. Minsky recognized that,...more Publication -
Public Policy Brief No. 95
Shaky Foundations: Policy Lessons from America’s Historic Housing Crash
August 29, 2008 A bursting asset bubble inevitably requires central bank action, usually when it is already too late and with adverse spillover effects. In this sense, the Federal Reserve and other central...more Publication -
Policy Note
What’s a Central Bank to Do?
August 25, 2008 As homeowner equity continues to disappear, there is a growing consensus that losses on all mortgages will exceed $1 trillion, with financial losses spreading far beyond real estate. Mortgage rates...more Publication -
Policy Note No. 3
What’s a Central Bank to Do?
August 25, 2008 As homeowner equity continues to disappear, there is a growing consensus that losses on all mortgages will exceed $1 trillion, with financial losses spreading far beyond real estate. Mortgage rates...more Publication -
Working Paper No. 542
Keynes’s Approach to Full Employment
August 07, 2008 This paper argues that John Maynard Keynes had a targeted (as contrasted with aggregate) demand approach to full employment. Modern policies, which aim to “close the demand gap,” are inconsistent...more Publication -
Working Paper No. 541
The Unpaid Care Work–Paid Work Connection
July 23, 2008 In order to provide a coherent perspective of gender differences in the world of work, the many intersections of paid and unpaid work must be brought to light. It is...more Publication -
Working Paper No. 540
The Effects of International Trade on Gender Inequality
July 22, 2008 The process of economic globalization has winners and losers. Iran’s carpet industry provides a good illustration of the adverse side of this process. As the production costs of its rivals...more Publication -
Working Paper No. 539
The Return of Fiscal Policy
July 14, 2008 The monetarist counterrevolution and the stagflation period of the 1970s were among the theoretical and practical developments that led to the rejection of fiscal policy as a useful tool for...more Publication -
Working Paper No. 538
The Buffett Plan for Reducing the Trade Deficit
July 10, 2008 This paper considers a plan proposed by Warren Buffett, whereby importers would be required to obtain certificates proportional to the amount of non-oil goods (and possibly also services) they brought...more Publication -
Working Paper No. 537
The Keynesian Roots of Stock-flow Consistent Macroeconomic Models
July 09, 2008 This paper argues that institutionally rich stock-flow consistent models—that is, models in which economic agents are identified with the main social categories/institutional sectors of actual capitalist economies, the short period...more Publication -
Working Paper No. 536
Deficient Public Infrastructure and Private Costs
July 03, 2008 This paper presents new evidence on the links between public-infrastructure provisioning and time allocation related to the water sector in India. An analysis of time-use data reveals that worsening public...more Publication -
Policy Note No. 2
Securitization
June 05, 2008 “At the annual banking structure and competition conference of the Federal Reserve Bank of Chicago in May 1987, the buzzword heard in the corridors and used by many of the...more Publication -
Policy Note No. 1
The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus
May 27, 2008 What in monetarism, and what in the "new monetary consensus," led to a correct or even remotely relevant anticipation of the extraordinary financial crisis that broke over the housing sector,...more Publication -
Policy Note
The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus
May 27, 2008 “What in monetarism, and what in the ‘new monetary consensus,’ led to a correct or even remotely relevant anticipation of the extraordinary financial crisis that broke over the housing sector,...more Publication -
Policy Note
The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus
May 27, 2008 What in monetarism, and what in the “new monetary consensus,” led to a correct or even remotely relevant anticipation of the extraordinary financial crisis that broke over the housing sector,...more Publication